THIS IS A FOLLOW UP ON MY PREVIOUS POST. THIS IS MY PROJECTION FOR THIS PAIR FOR THE REST OF THE WEEK. IN MY FIRST POST I FAILED TO MENTION THE STRONG SUPPORT THAT EXIST AT 108.64 WHICH CAN CAUSE A SHORT REVERSAL BACK UP TO OPENING PRICE. KNOWING THIS CAN BE BENEFICIAL IN MANY WAYS. 1. IF YOU ARE ALREADY IN AN OPEN POSITION AND FEAR YOUR PROJECTION OF PRICE WAS WRONG, IT CAN HELP KEEP YOUR FINGERS OFF THE CLOSE POSITION BUTTON. 2. IF YOU ARE WILLING TO RISK IT, YOU CAN PLACE YOUR LIMIT AT THIS PRICE 108.64 AND A BUY IMMEDIATELY BELOW, AND PLACE LIMIT AND SELL AT 108.84 WITH YOUR LAST TARGET AT THE END OF THE CHANNEL. 3. IT GIVES YOU ANOTHER REASON TO EXPECT PRICE TO EVENTUALLY BREAK THIS SUPPORT AFTER. THE PERSISTENCE OF PRICE TRYING TO BREAK THROUGH THIS SUPPORT AND FAILED GIVE A GREATER PROBABILITY AFTER EACH FAILED ATTEMPT THAT IT WILL EVENTUALLY BREAK THROUGH. THE REASON I PROJECT PRICE WILL BREAK THROUGH IS A COLLABORATION OF SIGNALS. A. ELLIOTT WAVE, PRICE HAS TO FORM THE THIRD AND FINAL WAVE (OR WAVE NO5) B. AFTER THE FINAL WAVE IS FORMED PRICE USUALLY BREAK THROUGH CHANNEL (UPPER CHANNEL BOUNDARY IN THIS CASE). C. CONFLUENCE. WHICH ALSO PROJECT A RETRASAL BEFORE BREAKING THROUGH PRICE, AND D. THE HEAD AND SHOULDER THAT HAS DEVELOPED WHICH IS CURRENTLY FORMING THE LAST SHOULDER BUT THE CHANNEL SLOPE MUST BE TAKEN INTO PERSPECTIVE.
BEING AWARE OF ALL THESE THINGS PUTS YOU AT THE HEART OF PRICE ACTION. PICTURE THIS PAIR AS A VENN DIAGRAM, AND ALL THE PERSONS THAT ARE TRADING AND WATCHING SUPPORT AND RESISTANCE ARE (A), ALL THE PERSONS FOR ELLIOTT WAVE ARE (B), THOSE FOR CONFLUENCE ARE (C), AND THOSE FOR THE BULLISH FLAG ARE (D) CANDLESTICKS ON HIGHER TIME FRAME (E), AND FUNDAMENTALS (F). (I DIDN'T MENTION INDICATORS WHICH ARE ALSO IMPORTANT BUT IT'S AN EXAMPLE) NOW THE FACT THAT YOU ARE CONSIDERING ALL THESE FACTORS WITHIN YOUR TRADE PLAN IT PUTS YOU AS UNION WITHIN THIS VENN DIAGRAM. BEING IN THIS POSITION IS WHAT GIVES A PERSON A HIGH PROBABILITY STATUS WITHIN A TRADE.
AT THE END OF THE DAY, YOU CAN BE IN THIS POSITION AND STILL GET IT WRONG, BUT IF YOU DO IT 10 TIMES, 8/10 OF THE TIME YOU WOULD BE RIGHT.
BEING AWARE OF ALL THESE THINGS PUTS YOU AT THE HEART OF PRICE ACTION. PICTURE THIS PAIR AS A VENN DIAGRAM, AND ALL THE PERSONS THAT ARE TRADING AND WATCHING SUPPORT AND RESISTANCE ARE (A), ALL THE PERSONS FOR ELLIOTT WAVE ARE (B), THOSE FOR CONFLUENCE ARE (C), AND THOSE FOR THE BULLISH FLAG ARE (D) CANDLESTICKS ON HIGHER TIME FRAME (E), AND FUNDAMENTALS (F). (I DIDN'T MENTION INDICATORS WHICH ARE ALSO IMPORTANT BUT IT'S AN EXAMPLE) NOW THE FACT THAT YOU ARE CONSIDERING ALL THESE FACTORS WITHIN YOUR TRADE PLAN IT PUTS YOU AS UNION WITHIN THIS VENN DIAGRAM. BEING IN THIS POSITION IS WHAT GIVES A PERSON A HIGH PROBABILITY STATUS WITHIN A TRADE.
AT THE END OF THE DAY, YOU CAN BE IN THIS POSITION AND STILL GET IT WRONG, BUT IF YOU DO IT 10 TIMES, 8/10 OF THE TIME YOU WOULD BE RIGHT.
